Startups

MissionOG led a $119M Series B for this NYC online lending startup

Credit the Philly venture capital firm's expertise in online payments: MissionOG Chairman Gene Lockhart is a former CEO of MasterCard.

MissionOG has made out-of-market investments in several lending startups.

(Photo by Flickr user frankieleon, used under a Creative Commons license)

MissionOG led a $119 million Series B for Behalf, a New York City online lending startup.
It was first reported in the Wall Street Journal.
Though MissionOG was the lead investor, the Philly venture capital firm didn’t invest the most capital in the round. (Lead investors don’t always invest the most money, but they do put together the round and terms and work closely with the other investors and the company in the process.) The majority of the investment was in the form of a credit line from Victory Park Capital, who also invested equity, MissionOG’s Andy Newcomb said. (Since Behalf is an online lending startup, the credit line allows the company to increase the number of capital lines it can offer to small businesses, Newcomb explained.)
MissionOG’s Gene Lockhart will join the board.
After a handful of local investments, MissionOG has been investing outside the Philly market, mainly in lending startups. Last year, it invested an undisclosed amount in a Series A for U.K.-based Pay4Later. That’s in part because of MissionOG’s expertise in online payments: Lockhart was the former CEO of MasterCard, and partners Kevin O’Nell, Drew Kese and Andrew Newcomb were executives at Ecount, which got acquired by Citigroup in 2007. (Newcomb also angel invested in PerPay, the lending startup from Lamps.com founder Chris DiMarco. DiMarco didn’t want to take the venture capital route, he told us.)
Other investors include Maverick Ventures and existing investors Spark Capital and Sequoia Capital.

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